Wang Weigong is under investigation.

With Chen's help, Zhang Rongkun acquired a 99.35-percent stake in Shanghai Road and Bridge Development Company Ltd, an arm of the state-owned Shanghai Urban Construction Development Co, by paying 1.015 billion yuan, 300 million yuan less than its lowest estimated market value, according to previous reports.

From 2000 to July 2007, Zhang Rongkun bribed two senior executives of Shanghai-listed Haixin Group with 1.7 million yuan to manipulate the share price of the company, according to the Jilin court.

Zhang Rongkun and two Fuxi Investment executives committed fraudulent bond issues during the issuance of the company's short-term bills in 2005, the report said, citing the court's verdict.

The Jilin court also found Zhang Rongkun borrowed 200 million yuan from Shanghai's pension fund in 2003 and injected the money into his Feidian Investment before withdrawing the money.

Zhang Rongkun and his two accomplices committed the crime of illegal withdrawal of contribution, the court said.

Beijing-based Caijing Magazine said in previous reports that the manipulation of Haixin's share price helped earn Zhang Rongkun 1.19 billion yuan as of September 28. The money Fuxi Investment borrowed from two Shanghai-based state-owned companies and the shares of state-owned companies it held also earned Zhang Rongkun huge profits from the Hong Kong stock market, Caijing said.